Go Beyond the Webinar| Insights into Raising Financially Responsible Children

Are you curious about how your money habits and beliefs impact your kids? Are you wondering how to raise a financially responsible child? Ever wonder how old your kids should be before you talk to them about finances? Neale Godfrey, New York Times bestselling author and Executive in Residence at the Columbia Graduate School of Business rounded out the third and final webinar in our collaborative Family Finances Series on November 27, 2018. Godfrey offered answers and insights into the questions above and many more pertaining to the journey of raising financially responsible children. Here are some highlights:

Start early, or as soon as a child can understand the most basic concepts of managing money, as habits tend to form when children are very young.

Talking about money can seem like a taboo topic within a family, but having realistic conversations can go a long way with teaching kids financial literacy.

Setting up an allowance system can be greatly beneficial! Daily/weekly chores can be setup through the use of work for pay charts and can help to differentiate between daily household chores and extra work around the house that have a pay incentive.

Teens also should be included in family money talks. Talking about budgeting, how to use a checkbook, investing in the stock market, and making big purchases like a car, can all be topics of discussion between parents and teens.

Finally, have financial discussions when teens our young adults are leaving the nest and will have to make money decisions on their own. Issues like car insurance, taxes, credit/debit cards, and apartment/house leasing or buying are all topics that can help your child or teen be better informed.

There are tons of resources out there that can educate kids on money management skills. Here are a few of our favorites.

Neale Godfrey’s website, which has a section specifically for teaching kids about money.

Take a look at Green Street Commons, a free app that Neale and her team created that provides additional resources to teach kids about money issues.

Sesame Street Finances for Kids has lots of videos, toolkits, and games that help kids to understand the tools of money management. Follow Elmo as he learns how to make choices and builds confidence when it comes to spending, saving, and sharing.

Did you miss this live webinar? Are you interested in learning more? Do you want to get CEUs? We can help with all of that! Here you can watch the archived webinar and find out how to obtain 1.5 CEUs if you are an AFC or CPFC-credentialed participant. CEUs are also available for licensed social workers, professional counselors, or family therapists until November 27, 2019. And don’t forget to check out the other two webinars from this series and get your CEUs: Separation & Single Parenting in the Military and Financial Planning for Life Events.

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This material is based upon work supported by the National Institute of Food and Agriculture, U.S. Department of Agriculture, and the Office of Military Family Readiness Policy, U.S. Department of Defense under Award Number 2015-48770-24368

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